SEC Chairman reveals financial reporting system was hacked

Breach response 101 – Don’t throw it out in a press release and refuse to answer questions

In a statement published on the Securities and Exchange Commission’s website yesterday, SEC Chairman Jay Clayton revealed that the Electronic Data Gathering, Analysis, and Retrieval (EDGAR) system was compromised last year. Data from EDGAR, which is used to receive and publish corporate filings to the agency, “may have provided the basis for illicit gain through trading,” Clayton said. “Notwithstanding our efforts to protect our systems and manage cybersecurity risk, in certain cases cyber threat actors have managed to access or misuse our systems.” The revelations were part of a statement by Clayton on the SEC’s overall cybersecurity posture and policy.

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